New Delhi, November 29, 2024 – The Climate and Energy Transition Finance Summit (CETFiS), a landmark two-day event, concluded today, bringing together global leaders and industry experts to drive significant progress in climate finance. Hosted by the Ministry of New and Renewable Energy and the G20 India secretariat, in collaboration with the Green Hydrogen Organisation, the summit aimed to pave the way for a sustainable future.
The summit witnessed the convergence of 200 participants who collectively crafted the "Delhi Message on Climate Finance," a comprehensive five-point plan. This plan, co-issued by the Green Hydrogen Organisation and its Indian partners, precedes Prime Minister Narendra Modi’s participation at the UN Climate Conference COP28 in Dubai.
In his opening remarks, Honourable Malcolm Turnbull, Chair of the Green Hydrogen Organisation, emphasised the critical role of green hydrogen in achieving global climate goals. He highlighted the need for collective action and innovative solutions to overcome the financial and technological barriers in the green hydrogen sector. "The transition to a green hydrogen economy is not just an environmental imperative but also an economic opportunity. We must harness the power of collaboration and innovation to build a sustainable future for all," Turnbull stated.
Amitabh Kant, G20 Sherpa, underscored the summit’s pivotal role in addressing climate change, emphasising the necessity for substantial capital to transition away from fossil fuels. He highlighted the vast potential within capital markets, provided that appropriate financial solutions are implemented in a letter shared with GH2.
In a session chaired by Shri Tarun Kapoor, IAS, Special Advisor to the Prime Minister's Office, the importance of industry collaboration for developing a robust green fuels economy in India was stressed. Kapoor emphasised the need for cohesive efforts across various sectors to accelerate the green transition.
Sanmit Ahuja, Director of CETFiS, stressed the critical role of capital markets in financing green energy projects. He called for macro-level changes to facilitate the flow of capital into India, underscoring the need for a supportive regulatory environment and innovative financial instruments.
Leading green hydrogen developers, including Adani, Avaada, Greenko, ReNew, ACME, L&T, and Jakson Green, alongside prominent financial institutions such as the Asian Development Bank (ADB), European Investment Bank (EIB), International Finance Corporation (IFC), and the World Bank, participated in the summit. These stakeholders engaged in discussions on strategies to mobilise and scale up investments in green hydrogen and other sustainable energy solutions.
As CETFiS concluded, the collective efforts and insights shared at the summit are expected to significantly contribute to advancing climate finance and the green hydrogen economy in India. The Delhi Message on Climate Finance will serve as a guiding document for future endeavours, ensuring sustained momentum towards a sustainable and resilient future.
About CETFiS:
The Climate and Energy Transition Finance (CETFiS) is a premier global event dedicated to advancing climate finance solutions. It brings together policymakers, industry leaders, and financial institutions to foster collaboration and drive innovative approaches for sustainable energy transitions. This is part of the larger CETFi programme that aims to inform and educate industry and government on innovative financial structures and instruments to drive climate change. Visit www.cetfi.org for more information.
